ST. PAUL, Minn., Jun 14, 2001 /PRNewswire/ -- Pentair (NYSE: PNR)
announced today it has signed a letter of intent to sell its wholly owned
Century Mfg. Co. automotive service equipment business to K&K Jump
Start-Chargers, Inc., and a Kansas City, Mo., equity investment group.
Pentair did not disclose details of the transaction, which is subject to
regulatory clearance, further due diligence, and completion of a definitive
agreement. Pentair said it will use the proceeds from the sale, which is
expected to be completed in the third quarter of this year, to reduce debt.
K&K Jump Start-Chargers ( http://www.jumpstarter.com ) is a privately held
manufacturer of jumpstarter/portable power units and battery chargers, based in
Kansas City, Mo. Century, based in Bloomington, Minn., manufactures automotive
service and lifting equipment.
"K&K Jump Start-Chargers and the affiliated equity investment group have
indicated they intend to continue manufacturing, marketing, and distributing
Century products, service parts, and accessories," said Peter Dessing, president
of Century. "The acquisition of Century will strengthen K&K's presence in both
retail and professional market channels."
Pentair ( http://www.pentair.com ) is a St. Paul-based manufacturer whose core
businesses compete in tools, water technologies, and enclosures markets. The
company employs 13,000 people in more than 50 locations around the world.
Contact: Mark Cain of Pentair, 651-639-5278.
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SOURCE Pentair
CONTACT: Mark Cain of Pentair, 651-639-5278